I purchased a term policy from metlife last year with annual premium of Rs 8700 for a period of 32 years. But during payment of 2nd year renewal premium, i was told that Premium has been increased to Rs 9600 due to addition of service tax. My question is that what is the use of term policy if these companies will change premium every year. Moreover, i took policy from metlife as it quoted the lowest amount, leaving other companies which had premium greater than 8700 but less than 9600 last year. Is metlife making fool of customers by increasing the premium in very next year after luring the customers in policy initiation year? What is the gaurantee that the premium wont be increased further? Can someone suggest me the way out. company executives say that premium hike is due to addition of service tax. But why than other compnies have not increased their premium?
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